Nigeria’s external reserves plunged to its lowest levels in at least eight months in April driven by foreign debt servicing and the central bank’s sales of dollars into the market to shore up the naira.
The gross reserves which crossed over $40 billion at the end of 2024 has shed nearly $375 million month-on-month to $37.9 billion as of end April, 2025, marking the fourth consecutive monthly decline.
The reserves are now down by $2.9 billion year-to-date and now at their lowest level since August 2024, reflecting the CBN’s payment of FX liabilities.